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Daily analytical report (07/12/18)

Tomasz Wisniewski
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  • Bitcoin is going lower again. Not that it wasn't expected, as we've been seeing this for the past few months. The current drop is caused by the breakout of the lower line of the pennant. The current target remains the same – 2900 USD, and the chances of us getting there are huge!
  • USDJPY attempted a bit of bearish movement yesterday, and in the beginning it looked promising. Momentum was high, allowing the price to break the lower line of the symmetrical triangle. Unfortunately, the area below is packed with other supports, like the long-term upwards trend line. USDJPY bounced from this support and created a V shape reversal. That gives us a nice buying opportunity.
  • On the other hand, we have a sell signal on USDCHF. The price bounced from the upper line of the sideways trend and went lower. We even managed to break the lower line of this pattern, well at least for some time. The price has temporarily come back, but here it does not look like a reversal, but rather a normal correction. The sell signal is still on the table.

 

Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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